Plastic straps are flat and flexible materials, which are used for packaging and bundling things together. Plastic straps are made from several types of polymers such as polyester, polypropylene, nylon, composite, and others. Polyester and polypropylene straps are the most widely used plastic straps in various industries such as automotive, building & construction, and beverage. Plastic straps are low-cost and offer easy handling. They are safe and easily recyclable. However, their tensile strength is lower than that of metals. The plastic straps market is projected to reach USD 3.68 billion by 2023, at a CAGR of 18.8% between 2018 and 2023. These straps are increasingly used in various end-use industries, owing to their properties such as increased flexibility, ease of handling, lightweight, high tensile strength, ability to offer high-performance under extreme environmental conditions, and resistance to corrosion. However, fluctuating prices of raw materials used for manufacturing plastic straps are expected to restrain the growth of the plastic straps market across the globe.
The key companies profiled in this report on the plastic straps market are Crown Holdings (US), Polychem Corporation (US), Teufelberger (Austria), FROMM Packaging (US), Messersi Packaging (Italy), Dubose Strapping (US), Auto Strap (India), and PAC Strapping (US). These companies have adopted several business strategies such as mergers & acquisitions and new product launches between January 2015 and April 2018 to stay competitive in the plastic straps market.
Crown Holdings (US), which is one of the largest plastic strap manufacturers in the world, has adopted the strategy of mergers & acquisitions to strengthen its foothold in the plastic straps market. The company is continuously expanding its business of plastic straps across the globe to maintain its position in the market. For instance, in December 2017, the company acquired Signode Industrial Group Holdings (US) from Carlyle Group (US) for approximately USD 4.00 billion. This acquisition helped the company to expand its plastic straps business footprint in the North American region.
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Messersi Packaging (Italy) has adopted the strategy of new product launches to stay competitive in the plastic straps market. Its state-of-the-art technology to produce polyphenylene resins is its key strength. In 2017, the company introduced a new packaging line of strapping operations for the ceramic industry that allows safe handling and storage of large-sized ceramic tiles. This development helped the company to expand its plastic straps business in untapped markets.
Plastic Straps Market by Type (Polyester Straps, Polypropylene Straps, Nylon Straps, Paper Straps, Composite Straps, Corded and Woven Straps), End-Use Industry (Fiber, Steel, Cotton, Paper, Bricks & Tiles), and Region - Global Forecast to 2023
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